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$505 million in refunds sent to payday loan customers

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If you took out an online payday loan from a company affiliated with AMG Services, you may be getting a check in the mail from the FTC. The $505 million the FTC is returning to consumers makes this the largest refund program the agency has ever administered.

The FTC sued AMG and Scott A. Tucker for deceptive payday lending. When consumers took out loans, AMG said they would charge a one-time finance fee. Instead, AMG made multiple illegal withdrawals from peoples’ bank accounts and charged hidden fees. As a result, people paid far more for the loans than they had agreed to.

In 2016 the FTC won a court case against AMG and Scott Tucker. Then in 2017, a jury convicted Tucker and his attorney of crimes related to the lending scheme. The FTC and Department of Justice are using money obtained in both court actions to give refunds to consumers.

Here are answers to questions about AMG refunds.

Who will get a refund? Checks are being sent to consumers who took out loans between January 2008 and January 2013 from these AMG-related companies: 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans, and USFastCash.

How many people will get refunds? More than 1.1 million people will get refunds.

How does the FTC know who to send the checks to? The FTC and a refund administrator have used AMG’s business records to identify eligible consumers and calculate their refunds.

I’m eligible for a refund. What do I need to do? If you borrowed from one of the lenders listed above between January 2008 and January 2013, you don’t need to do anything. The checks are being mailed to eligible consumers automatically. There is no application process. If you borrowed from one of those lenders before January 2008, please call 1-866-730-8147.

How can I get more information? Visit the FTC’s AMG refund page or call 1-866-730-8147.

Three tips from the FTC:

  1. If you get a check, deposit or cash it within 60 days.
  2. The FTC never asks people to pay money or give information to cash refund checks. If someone asks you to pay to get a refund from the FTC, it’s a scam.
  3. The FTC has advice if you’re thinking about a payday loan or an online payday loan.
Tagged with: credit, payment
Blog Topics: 
Money & Credit

Comments

What about these companies : 500 Fast Cash and United Cash Loans listing there loans on your credit report with the credit bureaus? I have 500 Fast Cash and United Cash Loans listed on my DataX credit report.

If you find information on your credit report that is not correct, you can dispute it with the credit reporting agency. The article on this website called "Disputing Errors on Credit Reports" tells how to do that. You can type the name of the article into the search bar and get a link to the article.

Thank you FTC. I received the check. The information on the check states "partial refund". Question: Does that mean, the settlement includes ONLY partial refund of fees, or does it mean a second check is coming?

How much are the checks for?

Mine was $186

I RECIEVED A REFUND BUT IT SAID PARTIAL PAYMENT. AND I HAD MORE THAN ONE LOAN AND FROM 2 COMPANIES. 500FASTCASH AND USFASTCASH. WILL I RECIEVE MORE REFUND?

WHATS THE AVERAGE CHECK AND DO YOU GET MORE IF YOU TOOK OUT MORE LOANS ?

Thats what I wanted to know.

Can I cash my refund check at a check cashing place ??????

It say that "enclosed is a partial refund for illegal finance fees that you were charged for a payday loan". Will there be a further remittance of these illegal fees?

The letter you got from the FTC said your check is a partial refund. It says partial refund because the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.

HOW MUCH ARE THE CHECKS AND IS IT FOR JUST 1 COMPANY OF A LITTLE FROM ALL OF YOUR LOANS ?

What is average amount of check?

How much are the checks for

yes, HOW MUCH were the refunds?

how much did one of you get in your refunds? Tens? Hundreds?

$560.50

$1,418.00 today.

mines is 833.72

I got $1,705 yesterday.

Why does my letter say partial refund? Will they be sending out more?

I received my check today after moving 2x since the loan to 2 different states & yes, it was a very good amount!

If 505 million was returned to 1.1 million people; why are the refund checks so small?

The refund amounts aren't small. My refund amount was $777.47, which seems to be higher than the average. It is nearly 1.2 million people. If you divide 505 by 1.179803 you get $428.04. It appears they are using records to pay back exactly what was overpaid in fees. I wish they would have to pay back all of the overdraft fees my bank hit me.

That's $459/person. That's an average. Some will receive more, others less. For the record, I don't think that's small. I got $368

I never agreeded to the loan. They kept calling me and I told them no thanks. They made a very small deposit that went in the aame time as my pay and then they made multiple withdrawls from my account, causing multiple overdraft fees. I had to close my account and Chase bank kept an $900 check to cover what they had withdrawn and overdraft fees. I received a check for $300. Grateful for that but it doesn't come close to covering what the stole

I received a check, but I did not use any of these companies for online payday loans . I use Advance America for in-store loans only, Is Advance America part of a subsidiary for one of these companies

How much are the checks?

What is the average amount refunded

I got an e mail from one of these companies a month ago trying to get me to pay them “fees” I emailed back and forth 1-2 times and realized it was from a g mail account! I’m so glad someone has held these people responsible for their actions!

I have been sent a couple reimbursement checks now the last one was for $320. The bank would not cash it and adviced me not to deposit it as they felt this is a scam to gain access to my account and money. It is not worth the risk for me. Just sharing.

If you get a check from the Federal Trade Commission, it will come with an explanation of why you got the check and details about the case. You, and the bank, can look at FTC.gov/AMG for details about the refund. If you get a check, you should cash or deposit it within 60 days.

why do I have to cash the check it within 60 days?

That is a bit weird, I spoke with the FTC this morning and they said that only one check would be sent to each person. I asked if there might be additional checks coming and they said absolutely not.

so u actually got thru to someone when u called? So did they say the checks were legit?

I'm curious what number did you call?

did it not come with any proof that it was a class action lawsuit check ? you can call the bank and the can call the bank thats on the check and have it verified

If you get a check from the Federal Trade Commission, it will come with an explanation of why you got the check and details about the case. You - and the bank - can look at www.FTC.gov/AMG for details about the refund. If you get a check, you should cash or deposit it within 60 days.

Is that all you have to say??? How do we know this is even real?

Hi Bridget, I received my check yesterday, it does state partial payment, yes I had more than one loan. I took about 4 loans from one of the listed companies. How do I know if I am to expect another check?

The letter you got from the FTC said your check is a partial refund. “Partial refund” in this case means that the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.

Good morning, I contacted FTC and they sent my check to the wrong address on the 27 of September. Now what? I could really use that money right now, my husband is out of work taking care of his mom. How can I get my check?

Please call the company that the FTC hired to manage the refund process at 1-866-730-8147.

You can take it to your bank and they have a system where they can look it up and make sure that it is legit.

My bank put a hole on my, it was for 512 dollars, but I asked them to,but they said a lot of people were cashing thiers. It’s been 6 days now, will let everyone know if it clears

These checks are real. Not sure why a bank would say that.

what about current loans with some of these companies

Got mine today... was totally shocked at the amount... Now you guys need to investigate Santander for their practices

Yes I agree santander is horrible had my car for 4 years and still owe about the same amount as when I first got it nobody will refinance my car because I owe more than it's worth, they need to be shut down.

I received a check out of the blue on Friday. I have used the payday companies before but was surprised. I wanted to verify the check before trying to deposit it into my bank account, but have been on hold for 45 minutes at this point. My check was for $626.00

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